through the issuance of 78.75 million shares to Saudi Aramco Developing Company and have been placed in its investment portfolio. The number of shares before the capital increase was 315 million shares and increased to 393.75 million shares. The par value of 10 per share relating to capital increase amounting to SR 787.50 million has been included within the capital increase, the share premium (of SR 12.25 per share) amounting to SR 964.69 million has been included within the statutory reserve.
D- Statutory reserve The breakdown of the statutory reserve as of 31 December is as follow: 2014
2013
1,051,444
Transferred from Net Income
998,060
964,688
Premiums of New Issued Shares
-
2,016,132
998,060
E- Murabaha financing and cash consideration On June, 22 2014, the Company signed Murabah agreement with various banks for an amount of
SR 3,182,812,500 to finance the cash consideration for the merger of Vela fleet and operations, as well as the merger’s related expenses. This bridge financing is for 12 months, and the Company is now arranging for Sharia compliant financing agreements for the repayment of this bridge financing.
27- Derivitives financial insturments The Group has derivative financial instruments including commission rate swaps agreements. The nominal amount of these financial instruments is SR 1.53 billion as of December 31, 2014 (2013: SR nil). The unrealized losses from the revaluation of such agreements for the year amounted to SR 16.4 million (2013: Nil), and these losses are included in the Financial charges. These agreements are revaluated in a regular basis to recorded any unrealized gains or losses, if any.
28- Approval of consolidated financial statements The board of directors has approved the consolidated financial statements for the year ended 31 December 2014 on its meeting held on 4 Jamadu Alawal 1436H (corresponding to 23 February 2015).
29- Reclassification Certain amounts previously reported in the 2013 consolidated financial statements have been reclassified to conform to the current year presentation.
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The National Shipping Company of Saudi Arabia ( )
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